There is one positive to all of this as many companies still...

There is one positive to all of this as many companies still exploring will be shut down disrupting supply.

0004 GMT [Dow Jones] Base metals under fire, none of central bank, government measures
offered point to quick fix to current crisis, liquidity still in short supply, says
Standard Bank. Market resolutely focused on nearby demand weakness stemming from economic
slowdown; "looking farther ahead however, and barring complete financial and
economic Armageddon, the global economy will pick itself up and demand for metals will
build once again." On that basis, combination of weak metal prices, high costs and
tighter credit conditions, will decimate mine development plans and see project pipeline
for most of base metals slow to mere trickle or dry up completely. "This will be
very damaging for future mine supply and will impair the industry's ability to react
when a pick-up in global growth finally arrives." LME nickel has another
"catastrophic" day overnight, falling 7.02% to close at $13,250/ton, lowest
level since December 2005. In perspective, average 3-month nickel price for January 2004
to end 2005 period, before price surge, was only $14,150. LME 3-month copper down $395 at
$5,235, nickel down $1,000 at $13,200.(EFB)